city water light and power...water fund revenues and expenses through february fy2019 • water...
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![Page 1: City Water Light and Power...Water Fund Revenues and Expenses THROUGH FEBRUARY FY2019 • Water Revenues o Budget To Date $ 31.6 million o Actual Revenue To Date $ 31.7 million o Revenue](https://reader036.vdocument.in/reader036/viewer/2022070709/5ebcd95c293e622a7707761c/html5/thumbnails/1.jpg)
City Water Light and Power
FY2019
CWLP Financial PresentationQuarter 4 Financial Update
Data Through February 28, 2019 (unaudited)
April 30, 2019
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Electric Fund - Finances
FEBRUARY FY2019 CASH POSITION
• Electric Fund Working Cash: $ 31.9 million
o Electric Light Revenue : $ 22.2 million
o Renewal : $ 9.7 million
o Line of Credit Owed : $ 0.0 million
o Days of Cash : 59 days
o Cash increase from FY18 : $ 7.7 millionMoody’s days of cash is 89 – Includes restricted ERIRF of $17.6M.
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Electric Fund Cash By Month60 Days Cash = $32.5 Million
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Electric Fund Revenue Budget
REVENUES THROUGH FEBRUARY FY2019(COMPARED TO BUDGET TO DATE)
• Retail Electric Revenues
o Budget To Date $ 226.2 million
o Actual To Date $ 212.7 million
o Variance ($ 13.5 million) ~ (6.0)%
• Wholesale Electric Revenues
o Budget To Date $ 28.2 million
o Actual To Date $ 23.2 million
o Variance ($ 5.0 million) ~ (17.8)%
• TOTAL ELECTRIC OPERATING REVENUES ARE $19.4 MILLION or 7.5% UNDER BUDGET
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Electric Fund Revenue
Comparison
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Electric Fund Expense Budget
NON-BOND EXPENSES THROUGH FEBRUARY FY2019
oBudget To Date $ 255.7 million
oExpense To Date $ 228.4 million
oVariance $ 27.3 million ~ 10.7%
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Electric Fund Expense
Comparison
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Electric Fund
Debt Coverage Ratio
AS OF FEBRUARY FY2019
FUNDS AVAILABLE FOR DEBT SERVICE $ 73,829,994
DEBT SERVICE $ 35,250,275
DEBT SERVICE COVERAGE (YEAR END 1.25x) 2.09x
(SHORTFALL) EXCESS IN COVERAGE 0.84x
DEBT SERVICE COVERAGE (INCLUDING CORPORATE PAYMENT) 1.86x
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Electric Fund
Debt Coverage Ratio By Month
With PILOT Included
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Environmental and Regulatory Initiatives
and Rebate Fund (ERIRF)
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Water Fund - Finances
FEBRUARY FY2019 CASH POSITION
• Water Fund Cash Balance Summary:
$5.6M Renewal (Capital)
$1.0M Electric Light Revenue
$6.6M Total Water Working Cash Balance
• Days of cash: 103
• Prior Year (FY18) Cash Balance: $6.0M
5.5M Renewal and $0.5M Electric Light Revenue
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Water Fund Cash By Month60 Days Cash = $3.9 Million
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Water Fund Cash History
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Water Fund
Revenues and Expenses
THROUGH FEBRUARY FY2019
• Water Revenues
o Budget To Date $ 31.6 million
o Actual Revenue To Date $ 31.7 million
o Revenue Variance $ 0.1 million ~ 0.3%
• Water Non-Bond Expenses
o Budget To Date $ 35.8 million
o Actual Expense To Date $ 30.3 million
o Expense Variance $ 5.5 million ~ 15.2%
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Water Fund
Revenue Comparison
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Water Fund
Expense Comparison
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Water Fund
Debt Coverage Ratio
AS OF FEBRUARY FY2019
FUNDS AVAILABLE FOR DEBT SERVICE $13,109,226
DEBT SERVICE 6,873,648
DEBT SERVICE COVERAGE (YEAR END 1.25x) 1.91x
DEBT SERVICE COVERAGE 1.69x
(After Auxiliary Services)
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Water Fund
Debt Coverage Ratio History
Before Auxiliary Services
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CWLP FY2019 Labor Budget
LABOR COSTS THROUGH FEBRUARY FY2019 (INCLUDING IMRF and FICA)
• Water Fund
o Budget To Date $ 11.9 million
o Expense To Date $ 11.6 million
o Variance $ 0.3 million ~ 2.4%
• Electric Fund
o Budget To Date $ 48.8 million
o Expense To Date $ 47.6 million
o Variance $ 1.2 million ~ 2.5%
• CWLP TOTAL LABOR COSTS ARE $1.5 million or 2.5% UNDER BUDGET
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City Water Light and Power
Questions